How is it determined whether a taxpayer can be an independent contractor (1099) or an employee (W2)? In general, a company that misclassifies an employee (“EE”) as an independent contractor (“IC”) may be held liable for that employee’s Social Security taxes because,...

High-incomers lose their itemized deductions above a higher level this year. Their write-offs are slashed by 3% of the excess of AGI over $258,250 for singles, $284,050 for household heads and $309,900 for marrieds. But the total reduction can’t exceed 80% of...

Requirement for filing 1099-Misc File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year: At least $600 in: Rents; Services performed by someone who is not your employee (including parts and materials), Prizes and awards; Other...

Many American taxpayers will end up owing the IRS money after a tax return is filed (especially the business owners &/or self-employed). Unfortunately, in many instances, this tax debt cannot immediately be paid in full. As a result, the IRS Collection Division...

First, I would like to wish everyone a Happy New Year. I hope everyone had a safe and fun time. The Lucas family had a very safe New Years, and we all made it until midnight, mainly because we had a hard time getting our 3 month-old son to sleep. As usual, our oldest...

IR-2013-100, Dec. 18, 2013 WASHINGTON — The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file...